Market Update – November 2020

On in So How's the Market in Toronto by

In November, we continued to see strong activity in the Toronto real estate market for detached and semi-detached homes. However, we did continue to see some softening in the condo market last month.

Central Toronto REALTORS® reported 295 detached home sales through the Toronto MLS® in November 2020; and on average, these detached homes sold for $2,026,249.

Last year, in November 2019, Toronto MLS® reported 247 freehold detached home sales across Toronto – which is a 19% increase in volume for this year. It was also reported that on average, freehold detached homes sold for $2,008,514 in November 2019 and that’s a 1% increase in sale prices for this November.

With respect to semi-detached homes… Central Toronto REALTORS® reported 277 semi-detached home sales in November 2020; and on average, these semi-detached homes sold for $1,307,146 last month.

That compares to 177 semi-detached home sales in November 2019 – which is a 56% increase in volume for this year. But again, it was also reported that on average, semi-detached homes sold for $1,261,009 in November 2019 and that’s an 4% increase in sale prices for this November!

With respect to condo sales… Central Toronto REALTORS® reported 843 condo sales in November 2020; and on average, these condos sold for $727,204 last month.

In November 2019, there were 800 condo sales – which is a 5% increase in volume for this year. On average, these condos sold for $759,614 – and that’s a 4% decrease in sale prices for this November!

Given the strength and resilience of the Toronto Real Estate market going into this pandemic, we had little doubt that it would recover rather quickly.

 

 

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